Rex International Holding to reduce capex

Rex International Holding Limited, and together with its subsidiaries, the Group) is reducing capital investments and focusing on key discovery assets in Oman and Norway to preserve cash due to the downturn in oil prices.

The Company is making organizational changes to boost the Company’s management bench strength, especially in the area of geology and geophysics, as well as to reduce operating costs.

Inherent Value in Rex Despite Oil Price Headwinds Mans Lidgren, CEO of Rex International Holding, said, “Even though our oil production operations are very small, Rex’s share price has been impacted by the volatility of oil prices, the potential supply of Iranian crude to the market, the Greek debt crisis, the meltdown of the China stock market and most recently, the effects of China’s devaluation of the yuan on Asian bourses. Rex International Holding remains in a good financial position as at the end of the first half of 2015, despite these macro-economic headwinds.”

New Chief Executive Officer of Aker EnergyFeb 23, 2018 Jan Arve Haugan has been appointed as Chief Executive Officer of the newly established oil company Aker Energy, effective 1 March 2018. Haugan is currently the President & CEO of Kværner ASA.